The competition among salespersons and brokers in finding appropriate buyers for their listings is a significant challenge faced by anyone in the real estate industry. While online selling, social media marketing, and virtual presentations have helped modernize selling and prospecting, multiple listing services (MLS) in Proptech circles open new channels for collaboration between salespersons and brokers. With MLS platforms, they could help each other sell their listings instead of competing for each other’s listings.
The real estate industry is also known for its headaches and hassles brought about by the tedious and cumbersome nature of real estate transactions. With the advent of smart contracts and blockchain technology, the days of going to-and-from corporate and government offices, tolerating ridiculously long waiting times for titles, and struggling to find accurate market data, might just be a thing of the past. This is an opportunity for software developers and policymakers to come up with solutions that would benefit homeowners and property investors alike.
Financing is another critical aspect of the real estate transaction. Not everyone can pay for properties all in one go, which is why most real estate investors have to find a way to finance their property investments. Mortgage brokers have been quick to capitalize on the digital space to present clients with a convenient alternative, allowing them to have a one-stop shop where they could compare interest rates and loan terms between banks. Apart from concerted efforts among stakeholders to transfer most aspects of home loan applications to the online world.
Property management provides much value to properties used on a day-to-day basis. In the age of digitalization, property managers can provide even more value and at faster speed. With the adaptation of new software and applications, most of the recurring and repetitive tasks in property management will be automated so as to make property managers’ jobs much easier. Property managers could be assisted by technology when it comes to screening potential tenants, renewing leases, collecting rent and maintenance fees, and paying the pertinent taxes. This would positively impact customer or tenant experience and contribute to the bottom line of property management enterprises.
THE FUTURE APPROACH
Collectively, these trends all fall under the property technology sector, or Proptech for short. While there is much room for improvement in terms of the development and execution of these technologies, there is no doubt that the continuous emergence of new innovations in this sector would ultimately benefit everyone greatly. Contrary to what the tech doomsayers predict, the following developments give us from the real estate industry good reason to expect a bright and tech-filled future ahead.
In conclusion, digitalization is set to revolutionize the real estate industry in the Philippines. With advancements in Proptech, the industry is set to undergo profound changes that will benefit everyone greatly. While there is much room for improvement in terms of the development and execution of these technologies, there is no doubt that the continuous emergence of new innovations in this sector would ultimately benefit everyone greatly. The future of real estate is bright, and technology is at the forefront of this revolution.
ABOUT THE AUTHOR
Formerly a top-seller in one of the country’s most reputable developers, Filinvest Alabang, Inc. (FAI), Ian Pantaleon has been a student/individual member of the Proptech Consortium of the Philippines since August 2022.
He is now finishing his degree in Real Estate Management in the Lyceum of Alabang while freelancing as an accredited real estate salesperson, mostly focusing on properties in Filinvest City. It is one of his goals to become a licensed real estate broker.